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The IEA expects oil supply growth in 2018 to outpace demand growth, with non-OPEC output rising 1.5 million barrels per day. Global consumption is forecast to exceed 100 million barrels per day for the first time.
A forecast supply surplus in 2018 is bearish for crude and points to ample energy supply. The outlook also suggests OPEC cuts may face pressure to be extended or deepened.
hydrocarbonprocessing.comJun 14, 2017After 129 past bearish report events, Crude Oil (Brent) moved a median -1.3% over 5 sessions (45% higher; middle half -3.9% to +2.5%), and +0.4% over 20.
After 171 past bearish report events, Crude Oil (WTI) moved a median -1.5% over 5 sessions (37% higher; middle half -4.8% to +1.9%), and -0.9% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
